Top Stories

The COVID-19 pandemic continues to cause considerable deterioration in economic conditions for many organizations. With significant organizations profiled in news stories for insolvencies, bankruptcies, and other financial difficulties, it’s more important than ever to keep going concern top of mind. Use our going concern resources to help navigate potential challenges associated with going concern assessments.

The Board discussed the Disclosure Initiative, Third Agenda Consultation, Contributions, and the AcSB’s Strategic Plan. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

The AASB discussed the anticipated IAASB exposure draft of a proposed standard for Audits of Less Complex Entities and the way forward in Canada. The Board also reviewed a first draft of its 2021-2022 Annual Plan and discussed input received from stakeholders on its Draft 2022-2025 Strategic Plan.

The Board discussed the Post Implementation Review of IFRS 10, 11, and 12, Insurance Contracts, AcSB’s Strategic Plan, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives. 

The response deadlines of five key documents for comment related to the PSAB’s proposed new Conceptual Framework, Reporting Model, and Government Not-for-Profit Strategy have been extended to June 30, 2021. We encourage stakeholders to use this additional time to share feedback and help shape the future of public sector accounting standards for years to come!

The Board discussed the Post Implementation Review of IFRS 10, 11, and 12, IBOR Reform, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

Need help evaluating a government business enterprise's financial self-sufficiency or viability during the COVID-19 pandemic? PSAB’s new how-to guidance offers insights into how you can do so.

The AASB reviewed its performance assessments for the 2020-2021 Annual Plan and 2016-2021 Strategic Plan and continued discussions on a proposed exposure draft addressing conforming amendments to other Canadian standards as a result of CSQM 1. The Board also approved a project proposal to replace AuG-16, Compilation of a Financial Forecast or Projection with a Canadian Standard on Related Services.

The Board discussed Cloud Computing, Contributions, Pension Plans, the 2021-2022 Annual Plan, the Strategic Plan, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

Learn more about key proposals in PSAB’s Exposure Draft “Financial Statement Presentation, Proposed Section PS 1202.” Watch the recorded English or French webinar. Comments on this Consultation Paper are due June 30, 2021.